Eaglewood, Ketu Offered PNG License

Eaglewood Energy and Ketu Petroleum have been offered Petroleum Prospecting Licence (PPL) 430 in the Western Province of Papua New Guinea.

The licence comprises eight graticular blocks and is located immediately south of PPL 259. It covers a total area of 649 sq km and is 30 km south of gas and condensate discoveries of Ubuntu in PRL 28 and Elevala and Ketu in PRL 21.

Eaglewood and Ketu, as joint venture parties, have been awarded an equal 50:50 interest in PPL 430, with Ketu nominated as the Operator.

The term of PPL 430 is six years, effective from the date of the grant. “The work commitments associated with the grant in the first two years are to conduct technical studies on the license and acquire approximately 20km of seismic at a cost to the Joint Venture of no less than $1,000,000. In years three and four, contingent on the results of those studies, the Joint Venture will drill an exploration well and in years five and six, contingent on a discovery, drill a further well,” Eaglewood said in a statement.

“PPL 430 is immediately adjacent to PPL 259, it is right in the heart of the very active PNG forelands gas and gas condensate fairway, characterised by very high success rates and in close proximity to over a TCF of discovered gas,” CEO Brad Hurtubise said.